Friday, February 29, 2008

Recent statistics reported by the Realtor Association of Miami-Dade County clearly point to a depressed real estate market in the Miami area. In December 2007, there were a total of 1,154 sales of single family homes in Dade County, with a median sales price of $305,000. In December 2006, there were 2,818 homes sold in Dade, with a median sales price of $335,000. In November 2007, there were a total of 1,004 sales of single family homes in Dade County, with a median sales price of $315,000. In November 2006, there were 2,444 homes sold in Dade, with a median sales price of $335,000. With respect to condo sales, the results were similar. In December 2007, there were 1,690 condo sales in Dade, with a median sales price of $248,000. Twelve months earlier, 3,548 condos sold, with a median sales price of $250,000. In November 2007, there were 1,415 condo sales in Dade, with a median sales price of $240,000. In November 2006, there were 3,250 condo sales in Dade, with a median sales price of $242,950.

There is a problem, however. Miami Beach homes for sale are still listed far too high for a significant number of sales to take place. Sellers are still more or less oblivious of the value of their homes in this market, and are still listing their properties well above market value. This is especially true of luxury homes being listed in the Miami area.

In Miami Beach alone, including zip codes 33139 through 33154, there are a total of 165 luxury waterfront homes listed for sale, each with an asking price of $2,000,000 or more. In the same zip codes, there were a meager 32 listed waterfront homes sold in the past 12 months for $2,000,000 or more. People who want to buy property are waiting for the market to go down some more before making a purchase, and that includes Europeans who have been coming here this winter. They have been shopping because everything is so cheap with respect to the Euro, but they have not been purchasing homes and condos. Homeowners who want to sell are going to have to come to grips with the present.

Friday, February 22, 2008

My thoughts have been turning towards the new season which will soon be upon us and so it was 'out with the old and in with the new' in my kitchen at the weekend! Well, of course nothing is actually new - except the look! I decided a fresh and Spring-like appearance was needed for one of my dresser tops - plus it was a good opportunity to give it a good clean!!I rummaged through some of my pretty chintz and cottageware china and re-dressed the dresser! It is looking just a tad minimalist for me - but I'm sure I can work on that!

All that light space really sets off my stunning amaryllis which is in full bloom. This was a Christmas present and has turned out to be a real stunner! It is called Red Lion - a very appropriate name!

All this early Spring cleaning has put me in the mood to do some painting - not the artistic kind though! As soon as I can decide on the right shade of green, my old 1940s kitchen cupboards will be transformed!

Thursday, February 14, 2008

Two ultra-luxury Miami homes owned by celebrity singer Ricky Martinare listed for sale. One of the homes is located on Miami Beach, and the other in Golden Beach. The Miami Beach home, located at 5130 North Bay Road, seen above, is a Mediterranean masterpiece with breath taking open bay views from every room. The mansion sits on a 19,320 square feet lot, with 105 linear feet of bayfront. Boasting 7 bedrooms and 8 bathrooms, with 9,491 square feet of living space, the gorgeous house is impeccably finished with travertine marble throughout, a gourmet kitchen, a state of the art media room, and solid mahogany doors.The asking price...$19,500,000.

Ricky Martin's Golden Beach Mansion is for sale $22,500,000

The Golden Beach Mansion is situated on the shore of the Atlantic Ocean in beautiful Golden Beach, just a few minutes north of Miami Beach. The 9,882 square feet luxury mansion sits on a 29,088 square feet lot, with a marvelous 101 feet of private ocean front. With 5 bedrooms and 7.5 bathrooms this 2 story mediterranean estate is a dream home well suited for both international buyers and celebrities. The asking price...$22,500,000.

It's hard to believe that exactly a year ago today we launched the Vintage Home website. We have been overwhelmed with the response and would like to extend our sincerest thanks to everyone who has supported us along the way.

In celebration of our anniversary and keeping with the mood of Valentine's Day we have updated the website today with some really gorgeous vintage treasures! There are roses galore and pretty Durham quilts...

...even a beautiful red eiderdown for added passion!!

Also, we have launched our latest additions to the Man Made range of handmade goods...

Wednesday, February 13, 2008

Homes are still selling on Miami Beach, albeit at a snails pace in comparison to home sales just a few years ago. There is a light at the end of the tunnel, however, and the recent sale of a very quaint Miami Beach home located on Dilido Island should be very inspiring to sellers who want to be reasonable, and who are willing to ask a fair price for their home.

The phenomenon known as 'asking a fair price for your home' has been absent from the Miami real estate market for a number of years. What is happening now in the market place is just more evidence that Sir Isaac Newton was a genius, when he discovered the natural law of science which basically states that what goes up must come down. He didn't invent that law. He just discovered it.

The waterfront property located at 101 E. Dilido Drive, recently sold for $2,750,000. The 4 bedroom, 3 bathroom home is situated in one of the very best areas of Miami Beach, and is set on a 10,500 square feet lot, with 2,669 square feet of living space in the house. The sale is one of the best that has taken place in this depressed real estate market, with regards to price per square foot, because the home closed for more than $1000 per square foot, when other similar luxury homes are selling for much less.

Mortgage relief for stressed homeowners is finally on the horizon. Project Lifeline is a mortgage relief plan instituted by the Treasury Department and the Department of Housing and Urban Development. The plan is designed specifically to allow homeowners who are seriously in arrears on their mortgage payments, to suspend foreclosure on their home for a period of 30 days, while mortgage lenders try to work out payments which are more affordable. Six major lenders are involved, including the Bank of America, Citigroup, Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc., and Wells Fargo & Co.

The plan is designed for homeowners who are seriously in debt, specifically those who are at least 90 days behind in their mortgage payments. The lenders will send a letter to delinquent mortgagors, asking them to call. The delinquent borrowers who call, will be asked if the want to continue living in their home, and if they do, they will be offered financial counseling.

Wednesday, February 6, 2008

Miami Beach is one of the most lucrative neighborhoods in the US, according to a report by Forbes. Since 1990, property prices on the central part of Miami Beach have appreciated exponentially in value by a whopping 1,532%. Miami Beach has become a very pricey area to live in, with the median home price at $1.64 million in 2006. Forbes further states that price appreciation in central Miami Beach, has been among the fastest in the nation, and so far, Miami Beach has weathered the storm, even with the steep 15.1 percent downturn in home prices in the Miami real estate market. All of the realtors know that sales are slow, and it will be interesting to see if the market is nearing the bottom. There are a large number of waterfront homes for sale on Miami Beach. The Venetian Islands alone have 33 luxury waterfront properties listed in the MLS. In the heart of Miami Beach, there are a total of 116 waterfront homes for sale. The non-waterfront luxury homes for sale far outnumber the waterfront properties.

Sunday, February 3, 2008

Florida voters approved Amendment One, a constitutional amendment of the Florida property tax system, which will bring sorely needed relief to homeowners in the Miami area. Many property owners have been feeling imprisoned in their homes, and unable to move because rising property taxes made it either impractical, or impossible to move from one home to another. With the passing of Amendment One, Miami area homeowners will no longer be as oppressed by their local government as they have been for years.

In short, here is what the amendment does for homeowners:1.It doubles the existing homestead exemption from $25,000 to $50,000.2.Up to $500,000 of value can be exempted from property taxes, when a homeowner transfers from one homestead to another of greater value. 3. Gives a tax benefit to homeowners who are downsizing from a higher priced home to a lower priced home.4.Puts a cap of 10% per year on how much a non-homestead property can increase in assessed value.